000			01112nam a22001457a 4500
999			_c525966 _d525966
008			240429b ||||| |||| 00| 0 eng d
100			_aWoodford, Michael _951920
245			_aBeyond the natural rate: Stephen Marglin on the instability of market economies
260			_aJournal of Economic Literature
300			_a 62(1). Mar, 2024: p.294-316
520			_aIn Raising Keynes: A Twenty-First Century General Theory, Stephen A. Marglin offers a provocative reformulation of Keynes' theoretical framework, stressing the importance of modeling the dynamics of wage and price adjustment. This review explains and assesses Marglin's argument for the possibility of a persistent equilibrium in which goods and/or labor markets continue not to clear in the absence of active stabilization policy. It also compares Marglin's analysis with that of New Keynesian models, and shows that the two approaches are more similar than might be immediately evident.- Reproduced https://www.aeaweb.org/articles?id=10.1257/jel.20221712
773			_aJournal of Economic Literature
906			_aECONOMICS
942			_cAR